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Despite reporting first-quarter earnings that were little changed from a year ago, Huntington
Bancshares’ top executive is seeing signs of better days ahead thanks to a recovering housing
market and businesses that are looking to invest again.

“I’m encouraged by that, because it shows they’re putting money (to work) in the long term by
investing,” said Steve Steinour, the bank’s chairman, president and CEO.

The bank said yesterday that it made $151.8 million for the quarter that ended March 31,
compared with $153.3 million in the year-ago period. In both quarters, the company made 17 cents
per share, reflecting fewer outstanding shares in the most-recent quarter.

Revenue for the period fell 3 percent to $682.3 million, primarily because of a big gain on the
sale of loans in the same period a year ago.

The results topped analysts’ expectations of 16 cents a share.

The bank, which holds its annual meeting today, also announced that it will boost its quarterly
dividend by a penny to 5 cents a share in the second quarter.

Businesses, which have been deferring decisions about investments amid an uncertain economy,
have begun to draw down balances in their Huntington accounts to provide capital and to fund new
projects, Steinour said. That suggests a more robust economic outlook and is one reason the bank is
looking for economic growth to pick up in the second half of the year, he said.

While such activity might hurt the bank in the short term, it will help the bank longer-term as
businesses begin to seek out loans, he said.

Steinour said the quarter started slowly after the last-second deal reached in Washington over
expiring tax cuts. Things were better in February and back to normal in March.

Besides housing, businesses tied to manufacturing and autos also are doing well, he said.

“We continue to benefit from the strength in the Midwest,” Steinour told analysts on a
conference call.

The bank reported growth in deposits and loans during the quarter compared with a year ago.

The bank’s policy of giving customers 24 hours to cover overdrafts before imposing a fee is
continuing to win customers, who are adding more accounts with the bank, he said.

Huntington’s stock, which had been trading near a multiyear high, fell yesterday on a broad
sell-off in the stock market. Shares dropped 3 percent, or 21 cents per share, to $7.01.